TOD'S S.P.A. 
The Board of Directors approved the draft of 2016 Annual Report
Sales revenues: 1,004 million Euros, -3.2% compared to 2015 EBITDA: 180.9 million Euros, with a 18% margin on sales EBIT: 128.4 million Euros
Group's net income: 86.3 million Euros
Net financial debt: 35.4 million Euros,
Dividend: 1.70 Euro per share
Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Hogan, Fay and Roger Vivier brands, today approved the draft of the Group's 2016 Annual Report.
Message from the Group's Chairman and CEODiego Della Valle, Chairman and CEO of the Group, commented as follows:
"As anticipated in January and as evident from the fourth quarter figures, we have registered a good improvement in the sales trend with the arrival in the stores of the Fall/Winter collections, that reflect the brands' DNA and the Italian style, and well combine quality, craftsmanship and innovation. These features are more and more appreciated by all clients, including the new generations.
Considering the epochal change taking place in the world of distribution, we developed a new store format, which can meet the new requirements; also e-commerce, on which we are strongly committed to capture the great growth potential, will give an important contribution.
We remain highly focused on the organic growth and we are confident to achieve strong results, also thanks to the effectiveness of the new forms of communication that we have implemented and to the contribution of digital.
In terms of profitability, we will continue to benefit from the cost efficiency measures started last year and, even thanks to the strengthening of the management team, we are confident that we will reach an improvement of results starting from this year."
TOD'S S.P.A. - CAPITALE SOCIALE EURO 66.187.078,00 I.V. - SEDE SOCIALE: SANT'ELPIDIO A MARE (FM)-VIA FILIPPO DELLA VALLE N. 1 CODICE FISCALE E NUMERO DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI FERMO 01113570442 - SITO CORPORATE: www.todsgroup.com
Consolidated sales were 1,004.0 million Euros in FY 2016, down 3.2% from FY 2015.
In Q4 2016, sales totalled 246.3 million Euros, down 1.5% from Q4 2015; this result implies a significant improvement compared to the first nine months of the year, confirming the success obtained by the Fall/Winter collections, thanks to their focus on iconic and evergreen products.
At constant exchange rates, meaning by using FY 2015 average exchange rates, including the related effects of hedging derivatives, sales would have been 997.5 million Euros (-3.8% from the previous year).
Breakdown of consolidated sales by brandmillion Euros | FY 2016 | FY 2015 | % change at reported rates | % change at constant rates |
Tod's | 559.0 | 599.0 | -6.7% | - 7.5% |
Hogan | 214.2 | 221.4 | -3.2% | -3.3% |
Fay | 62.6 | 59.4 | +5.3% | +5.3% |
Roger Vivier | 166.3 | 156.0 | +6.6% | +5.6% |
Other | 1.9 | 1.2 | +53.2% | +51.9% |
TOTAL | 1,004.0 | 1,037.0 | -3.2% | -3.8% |
Tod's sales totalled 559 million Euros in fiscal year 2016; the 6.7% decrease compared to the previous year is mainly due to the sharp decline of traffic in the stores, in particular of tourists. The new collections, focused on the most iconic products, are receiving a good feedback.
Hogan revenues were 214.2 million Euros, with a 3.2% decrease from 2015, mainly related to the domestic market; positive results abroad.
Revenues of the Fay brand were 62.6 million Euros, up 5.3% from 2015, with a sharp acceleration in the fourth quarter. The brand is continuing its internationalization; positive results in all the regions where it is distributed.
Finally, sales of Roger Vivier totalled 166.3 million Euros, up 6.6% from the previous year. As already commented for the Tod's brand, also Roger Vivier was affected by the sharp decline of traffic and consumptions in many important markets for luxury goods, mainly of tourists.
million Euros | FY 2016 | FY 2015 | % change at reported rates | % change at constant rates |
Shoes | 791.3 | 811.7 | -2.5% | -3.0% |
Leather goods and accessories | 142.5 | 157.2 | -9.4% | -10.9% |
Apparel | 68.3 | 66.9 | +2.2% | +2.1% |
Other | 1.9 | 1.2 | +51.9% | +50.6% |
TOTAL | 1,004.0 | 1,037.0 | -3.2% | -3.8% |
Revenues from shoes were 791.3 million Euros in the year, down 2.5% from 2015, but with a significant improvement of the performance in the fourth quarter.
Sales of leather goods and accessories totalled 142.5 million Euros, down 9.4% from 2015. The fourth quarter registered a visible improvement of the trend, following the introduction in the stores of the Fall Winter collections, which are more consistent with the brands' DNA.
Finally, sales of apparel were 68.3 million Euros, up 2.2% from 2015.
Breakdown of consolidated sales by regionmillion Euros | FY 2016 | FY 2015 | % change at reported rates | % change at constant rates |
Italy | 311.5 | 322.8 | -3.5% | -3.5% |
Europe (excl. Italy) | 250.0 | 248.6 | +0.6% | +1.4% |
Americas (*) | 96.7 | 105.6 | -8.4% | -10.4% |
Greater China (**) | 210.3 | 225.8 | -6.8% | -8.1% |
Rest of World | 135.5 | 134.2 | +0.9% | -1.8% |
TOTAL | 1,004.0 | 1,037.0 | -3.2% | -3.8% |
(*) This line includes the whole American continent (Northern and Southern America). (**) This line includes: mainland China, Hong Kong, Macao and Taiwan.
Domestic sales were 311.5 million Euros, down 3.5% from 2015, but with a visible improvement of the trend in the fourth quarter.
In the rest of Europe, the Group's revenues totalled 250 million Euros, slightly higher than in 2015. Positive results in all the main countries where the Group operates, except for France and UK.
In the Americas sales amounted to 96.7 million Euros, down 8.4% from the previous year. This market confirmed the weak consumer environment, which we have already commented in the last quarters, mainly related to the drop of tourists.
The Group's revenues in Greater China totalled 210.3 million Euros, down 6.8% from the previous year. Mainland China and Macao registered positive results, while Hong Kong remained weak, even if visibly improving.
Finally, in the area "Rest of the World" the Group's sales were 135.5 million Euros, slightly higher than last year. Korea registered a solid double-digit growth of revenues; Japan was broadly flat compared to last year, despite the very challenging comparison basis.
Breakdown of consolidated sales by distribution channelmillion Euros | FY 2016 | FY 2015 | % change at reported rates | % change at constant rates |
DOS | 630.3 | 658.4 | -4.3% | -5.0% |
Third parties (Franchised stores + Independent retailers) | 373.7 | 378.6 | -1.3% | -1.7% |
TOTALE | 1,004.0 | 1,037.0 | -3.2% | -3.8% |
Sales through DOS totalled 630.3 million Euros, down 4.3% from 2015; positive the result in the fourth quarter.
The Same Store Sales Growth (SSSG) rate, calculated as the worldwide average of sales growth rates registered by the DOS already existing as of January 1st, 2015, at constant exchange rates, is -12.2% in the fiscal year, showing a strong improvement in the fourth quarter (we remind that the figure related to the first nine months was -14.6%).
As of December 31st, 2016 the Group's distribution network was composed by 272 DOS and 107 franchised stores, compared to 257 DOS and 98 franchised stores as of December 31st, 2015.
Tod's S.p.A. published this content on 14 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 March 2017 16:59:25 UTC.
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